European Shares Steady as Markets Await Powell's Speech

European shares remained largely flat on Friday as investors awaited Federal Reserve Chair Jerome Powell's speech. The pan-European STOXX 600 index inched up, gaining for a third week. Market attention was focused on the Jackson Hole symposium, with investor concern on U.S. rate cuts and the automobile and oil sectors showing notable activity.

European shares held steady on Friday as investors exercised caution ahead of Federal Reserve Chair Jerome Powell's anticipated speech scheduled for later in the day.

The pan-European STOXX 600 index saw a marginal rise of 0.1%, reaching 516.28 points by 0709 GMT. This slight uptick came after the index hit its highest mark of the month in the previous session, putting it on track for a third consecutive week of gains, a streak not seen in nearly five months.

All eyes are on Powell's speech at the Jackson Hole symposium in Wyoming at 1400 GMT, as investors seek clues about the pace and timing of potential U.S. rate cuts. Bank of England Governor Andrew Bailey is also slated to speak at the event later in the day.

In the UK, the FTSE climbed by 0.3%. The oil and gas sub-index surged 0.7%, buoyed by rising oil prices, which in turn provided a lift to the STOXX 600. The automobile sector followed suit, gaining 0.6%, following discussions between China's commerce ministry and automakers about increasing import tariffs on large-engined gasoline vehicles. On the downside, Nestle dragged the index down with a 3% loss after announcing CEO Mark Schneider's replacement by company veteran Laurent Freixe.

(With inputs from agencies.)